Excise tax collection up 22 percent in AugustSeptember 25th, 2009 NEW DELHI - India's excise tax collection in August rose 22.7 percent from the previous month, while customs duty collection improved meagrely from minus 30 percent in July to minus 28 percent last month, a senior government official said here Friday. "The industry is showing signs of revival.
Indian fan industry still reeling under slowdownSeptember 21st, 2009 KOLKATA - The Rs.1,600-crore Indian electric fan industry, hit badly by the economic slowdown last year, does not see any respite in the coming six to nine months, an industry player said here Monday. "Our domestic sales as well as exports suffered last year.
Hike in steel prices renews worries for AIFISeptember 11th, 2009 Kolkata, Sept 11 (IBNS)The announcement of hike in steel prices by most of the major steel producers across the country has re-placed the Indian forging industry on troubled grounds. In spite of repeated appeals to make the domestic steel prices equivalent to international ex-factory steel prices, there was already an increase in steel prices last month.
Demand growth for steel to cross 10 percent soon: Steel SecretaryAugust 25th, 2009 NEW DELHI - Steel Secretary P R Rastogi on Tuesday said that the growth in steel demand in the country would soon cross 10 percent, as soon as the effects of global economic slowdown would be over. Rastogi said this while addressing the third meeting of the Inter-Ministerial Group on Steel in the national capital.
Industry group says world steel output fell 21 percent in first 6 months of 2009July 20th, 2009 World steel output down 21 pct in first 6 monthsBRUSSELS — World steel output plunged 21.3 percent in the first six months of 2009 from a year ago, the main steel industry group said Monday. Chinese and Indian steel makers were the only major producers to increase output in the first half, the World Steel Association said.
DishTV hikes price of set-top box by Rs.100July 20th, 2009 NEW DELHI - The country's leading direct-to-home (DTH) service provider DishTV Monday hiked the price of set-top boxes (STB) by Rs.100 each, passing on a rise in customs duty to customers. Now the STBs will cost Rs.1,590.
India's steel output to touch 124 mt by 2011-12: MinisterJuly 11th, 2009 BHILAI - India's steel production will surge to 124 million tonnes (MT) per annum by 2011-12 from the current figure of 65 mt, Steel Minister Virbhadra Singh said here Saturday. "There is a massive expansion going on in the steel sector in country, both in the public and private sectors, that will see India becoming a major steel producer by 2011-12 when its steel production will be 124 mt from the present production of 65 mt," the minister said at a press conference here.
Steel industry to grow this fiscal: MinisterJuly 8th, 2009 NEW - The steel industry, supported by domestic demand and the government's increased infrastructure spending, will witness a growth this fiscal, Steel Minister Virbhadra Singh said here Wednesday. "The industry will see a major recovery this year and will grow at six-eight percent," Singh said at a conference organised by the Associated Chamber of Commerce and Industry of India (Assocham).
Customs duty on LCD TVs slashed to 5 percentJuly 6th, 2009 NEW DELHI - The government has reduced the customs duty on liquid crystal display (LCD) television sets from 10 percent to 5 percent, Finance Minister Pranab Mukherjee said here Monday. Presenting the union budget for 2009-10, the minister also said a nominal 5 percent customs duty has been imposed on set-top boxes (STB) as the production of the devices has picked up in the country.
Sajjan Jindal wins international steel industry awardJune 25th, 2009 MUMBAI - JSW Steel vice chairman and managing director Sajjan Jindal has been conferred the Willy Korf/Ken Iverson Steel Vision Award for his contribution to the steel industry, the company said in a statement Thursday. Jindal is the second Indian to receive the honour.
Anti-dumping duty on Chinese Vitamin C extendedJune 19th, 2009 NEW DELHI - The government has extended the anti-dumping duty on Vitamin-C imported from China for another five years, the Central Board Of Excise and Customs (CBEC) said Friday in a notification. The duty, at the rate of $3.99 per kilogram of the vitamin, was imposed in October 2003 for five years.
IT hardware industry wants relaxed taxation in budgetJune 3rd, 2009 NEW DELHI - Indian IT hardware industry has called for parity in the countervailing duty (CVD) and service tax, levied on IT hardware products, in a pre-budget memorandum submitted to Finance Minister Pranab Mukherjee. It is strongly recommended that the rate of service tax be aligned to that of the excise duty/CVD to avoid structural anomalies, the Manufacturers' Association for Information Technology (MAIT) said in a statement Wednesday.
US Steel loses $439 million in 1Q as recession weakens steel demand, pricesApril 27th, 2009 US Steel posts 1Q loss as demand dropsPITTSBURGH — United States Steel Corp. says it lost $439 million in the first quarter as the recession pinched demand for the metal.
India imposes anti-dumping duties on stainless steelApril 23rd, 2009 NEW DELHI - India has imposed anti-dumping duties on certain types of stainless steel that are imported from a host of countries including China and Japan after finding that they were landing at below the normal value. 'The domestic industry had suffered material injury,' said a notification by the Central Board of Customs and Excise.
Tax authorities hopeful of meeting revenue targetsMarch 13th, 2009 CHENNAI - The Central Board of Excise and Customs (CBEC) is hopeful of achieving its revenue estimates from excise, customs and service taxes this fiscal, a top official said here Thursday. 'Our revised estimate is Rs.280,000 crore (Rs.2,800 billion).
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